Omnicare Abandons $441M Offer To Buy PharMerica

Law360, New York (February 21, 2012, 12:06 PM EST) -- Omnicare Inc. has dropped its plan to purchase PharMerica Corp. in a $440.8 million hostile takeover after the Federal Trade Commission moved last month to block the deal amid concerns the merger would harm competition, the would-be buyer said Tuesday.

Omnicare said it allowed its offer to acquire all PharMerica stock options at $15 per share to expire Friday. The decision came after the FTC rejected Omnicare’s efforts to gain regulatory approval via agreements that included proposed divestiture options, the company said in a statement....